Product summary
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
On vesting
The Notional Cash Option together with Reversionary Bonuses and Final additional Bonuses ( if any ) with or without 25% commutation will be compulsorily converted into annuity having following options.
- Annuity for life.
- Annuity for life with guaranteed period of 5, 10, 15, 20 years.
- Joint life and last survivor annuity to the annuitant and his/her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant.
- Life annuity with return of purchase price.
- Life annuity with annuities increasing at a simple rate of 3% per annum.
- The annuity rates will be that available under the version of the New Jeevan Akshaya Plan current at the date of vesting. A rebate of 3% will be available on the purchase price of the New Jeevan Akshaya Policy.Option for the annuity type is to be exercised at least 6 months before the date of vesting.
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